Chinese central bank sanctions FRA trading


The People's Bank of China (PBOC), China's central bank, said in early October that it will introduce trading in forward rate agreements (FRAs) on November 1. The agreements will offer investors another risk-hedging tool in addition to interest rate swaps and bond forwards.

The product will help make China's interest rate market more efficient and act as an additional price reference for the central bank in setting monetary policy, said the PBOC in a statement. The seven-day repurchase agreement

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